Senator Bam Aquino advised young entrepreneurs that creating a good business model and expanding one’s network will increase their chance of success.
“Passion is important but you have to be smart,” Aquino said during the sidelines of Techtonic Summit 2018 at SMX Convention Center Friday.
“Investors are looking for working models that could scale up,” he added. “In this way, startups can also be guided accordingly when they start their businesses.”
Aquino also underscored the importance of collaboration with other startup groups because "a lot of innovation could come from these partnerships.”
The businessman-turned-lawmaker also said failures are part of startup experience.
“To mitigate that, you have to be able to do things smartly, 'wag kayong wasteful, but at the same time, matibay din dapat ‘yung loob niyo,” he added.
Aquino has passed 22 laws including Go Negosyo Act, Micro-Finance Institute NGOs Act, and Youth Entrepreneurship Act.
He is one of the speakers at Techtonic Summit 2018, a two-day conference attended by Southeast Asia’s top business startups.